You’ve heard the old saying, “Money isn’t everything,” right? Well, guess what? It’s true even in the business world. Sure, having a nice chunk of change in the bank feels great, and is a big thumbs-up for your business. But, hold on! There’s more to success than just cash.

In this article, we’re diving into five signs that signal your business is rocking it – and nope, not a single one involves your wallet. So, if you’re curious about whether your business is doing well, you’re in the right spot.

1. Your Customers Are Engaged and Happy
2. Your Employees Stick Around
3. Your Social Media Presence Is Growing

Finances Aren’t The Tell-All of Success

First off, let’s talk about why these metrics should be on your radar. I know, I know – you might be thinking, “Money talks, so why bother with anything else?” Well, here’s a little secret: these non-financial metrics directly link to whether you’re on the path to making more money or if you’re heading towards a bump in the road.

Now, we’re not saying to forget about your finances. That’s not it at all. Money problems are a big reason some small businesses don’t make it. It’s super important to watch your finances closely and check them often. But, looking at your money alone doesn’t show you the whole picture.

Think of your finances as a snapshot of where your business stands today. They show you how much money you have, but they don’t explain why your numbers look the way they do or how you can boost your profits. That’s where non-financial metrics come in. They offer a deeper look into your business’s health and guide you in making choices that can lead to more money in the bank.

1. Your Customers are Engaged and Happy

One huge way to tell that your business is on the road to success is to take a look at what your customers are saying and feeling about your business. When customers are happy, they’re more likely to return and bring new customers with them. 

How Can You Tell If Your Customers Are Happy?

1. Check your ratings on Yelp and Google Business. These platforms offer star ratings and reviews which can give you a snapshot of customer opinions. 

Higher ratings and positive comments usually reflect customer satisfaction. Be proactive in responding to both positive and negative reviews to show that you value customer feedback.

2. Search for your business on social media sites like Facebook and Instagram, and see what people are saying. Social media is a spot where folks go to express what they think about your store or service.

Keep an eye out for any shout-outs, tags, or comments about what you do. When you see people talking about your business, jump into the conversation! Say thanks when they say good stuff, and if they have a problem, help them out. This is how you make a great vibe around what you do and get everyone feeling good about your business.

3. Your customers are expressing gratitude and recommending you to their friends and family. When folks really like what you’re doing, they’ll often tell others about it. Watch for more people sending their buddies your way or giving you a shout-out on your posts. That means they’re not just okay with what you’re offering — they’re cheering for it!

What Do I Do If My Customers Are Unhappy?

Uh-oh, so you’ve stumbled on some less-than-stellar reviews or some not-so-nice comments on Facebook. It’s a bummer, right? 

You might be scratching your head, thinking, “What can I do to make things right?” Well, here’s what you can do right now if you find some customers who aren’t thrilled with what you’ve done:

Respond to any low reviews with grace. 

It’s important to stay cool and kind when you reply to reviews that aren’t what you hoped for. It’s a chance to show that you’re open to feedback and dedicated to continuous improvement. A kind response can help ease tensions and may even convert a dissatisfied customer into a loyal fan.

Example response: 

“Hi [Customer Name], thank you for taking the time to share your experience. We’re truly sorry to hear that things didn’t go as you expected. 

We take your feedback seriously and want to make things right. Please reach out to us at [your contact information]. We’d love the opportunity to show you the quality service we’re known for.”

Reach out to the customer directly. 

Reaching out to a customer directly can turn a negative experience into a positive one. It demonstrates that you’re not just monitoring feedback passively but are actively engaging to resolve issues. This approach not only can mend a specific customer relationship but also enhances your reputation as a responsive and caring business.

Example of Direct Outreach: 

“Hello [Customer Name], this is [Your Name] from [Your Business]. I saw your feedback and I’m sorry to hear about your recent experience with us. I would love to discuss this further and see how we can make things right.”

This one is simple: Apologize!

Apologies can significantly improve a customer’s experience. Research shows that while only 34% of unhappy customers who received compensation felt satisfied, the satisfaction rate soared to 74% when businesses apologized for a negative experience. Saying sorry can deeply impact how customers feel about resolving their issues.

Here’s an example of a good apology that demonstrates understanding, responsibility, and a commitment to making things right:

“Dear [Customer Name],

I’m truly sorry that your experience with [Product/Service] did not meet your expectations this time. We always aim to deliver a great experience; in this case, we fell short. We take full responsibility for any inconvenience this may have caused.

Please know that we are looking into this issue to prevent future occurrences, and would love the opportunity to discuss how we can make this right for you. Your satisfaction is very important to us, and we would like the chance to resolve this.

Thank you for bringing this to our attention. I hope to hear from you soon.

Warm regards,

[Your Name]

[Your Position]”

2. Your Employees Stick Around

Employee satisfaction is a key indicator of your business’s success. High employee turnover can be a major expense and could ultimately hurt your profits and overall financial health. Replacing an employee isn’t just about filling a spot; it can cost double or triple their salary. Plus, frequently losing your product experts, or not having any long-term experts at all, can really affect the quality of what you sell.

Happy employees tend to be more engaged, productive, and committed to the company’s goals. This stability not only saves on the high costs associated with hiring and training new staff but also builds a more knowledgeable and experienced team. As a result, businesses with low employee turnover often see improved performance and customer satisfaction, contributing to long-term success and growth.

How Can I Find Out If My Employees Are Happy?

• Conduct Anonymous Surveys: Regularly distribute anonymous surveys to gather honest feedback about the workplace environment, culture, management practices, and job satisfaction. Use straightforward questions and include a mix of quantitative scales and open-ended questions to capture detailed sentiments.
• Hold One-on-One Meetings: Schedule regular one-on-one meetings with employees to discuss their experiences, challenges, and any concerns they might have. This direct communication can help identify issues before they escalate and shows employees that their input is valued.
• Implement a Suggestion Box: Set up a physical or digital suggestion box where employees can freely share their ideas for improvements or express concerns. This method provides another avenue for anonymous feedback, encouraging open and honest communication without fear of repercussions.

What Should I Do If My Employees Are Unhappy?

When employees say they’re unhappy, employers need to act quickly and effectively. Here’s what you can do, step by step:

1. Acknowledge and Validate Their Feelings: Quickly let your employees know that you hear them and you take their concerns seriously. This shows you respect their feelings.
2. Investigate the Issues: Find out what’s causing the unhappiness. You might need to talk more with employees, look at how things are done in the workplace, or check the working conditions.
3. Develop an Action Plan: Create a clear plan that responds to the problems you found. This might include changing some rules, starting new programs to support employees, or changing how things are managed.
4. Implement Changes: Put the necessary changes into place. Make sure you tell your employees what you are changing and why. It is important to act quickly so your employees can see you are serious about improving things.
5. Follow-Up: After making changes, check back to see if things have gotten better. You can do this by asking for more feedback or having more one-on-one talks.
6. Foster an Ongoing Dialogue: Make sure there are always ways for employees to talk about their concerns and ideas. This helps keep small problems from getting bigger and makes the workplace better for everyone.

These steps show that you care about making your workplace better and respect your employees’ input, which can help improve morale and productivity.

3. Your Social Media Presence is Growing

Seeing more people interact with your social media is a great sign that your business is doing well. Here’s how you can tell your social media presence is growing:

• You have more followers. Gaining followers means that more people are discovering your business and are interested in staying updated with your content. It’s a sign that your marketing efforts are working and that your business is appealing to a broader audience. This increase in followers can lead to greater brand awareness and potentially more customers as more people get exposed to your products or services.
• You notice more engagement in your posts. When more people like, comment on and share your posts, it means they really enjoy your content. This shows that not only are people seeing what you post, but they like it enough to interact with it. More interaction on your posts helps improve your brand’s visibility on social media. This is because social media algorithms often show posts that get a lot of interaction to more people. This means your posts are more likely to be seen by others.

• Customers are tagging you in their posts. When customers tag your business in their posts, it means they really like your products or services. This kind of post from a customer can influence others more than a regular ad because it’s like a personal recommendation. You can also share these posts to show how other customers are enjoying your products, which might convince new customers to buy from you.

What Do I Do If My Social Media Isn’t Doing Well?

If your social media pages are not doing well, it’s time to re-evaluate what actions you are taking to increase traffic. Here’s what you can do to increase your engagement on social media:

• Like and comment on your customer’s posts. If a customer shares photos of an event where they used your rental equipment, make sure to like and comment on their posts. This not only helps get your name out there but also shows your customers that you value their business and are engaged in their experiences.
• Increase your posting frequency. It might seem simple, but posting more often is essential. The ideal number of posts per day varies by platform, so it’s important to stay active and consistent to build your following and enhance your visibility.
• Engage your audience with interactive content. Use polls, questions, or interactive posts to engage your followers. This type of content can encourage more interaction and participation from your audience, making your social media pages more lively and attractive.

Never Stop Striving – Success Is Around the Corner

Remember, true success is measured not just by the cash flow but by the positive impacts your business creates: happy customers who become brand ambassadors, loyal employees who grow with your company, and a social media presence that resonates and engages. 

So keep nurturing these aspects, listening to feedback, and adapting, because these are the real signs that your business isn’t just surviving—it’s thriving.

Other blogs you may find helpful: 

5 Reports that Rental Businesses NEED to Review Frequently

The Importance of Equipment and Party Rental Contracts in 2024

A Step by Step Guide to Becoming a Preferred Vendor at an Event Venue